Investment Philosophy

At Spyglass, we are Value Investors in Growth Companies. We do not conform to a traditional investment style. We invest with a well-defined valuation framework in businesses operating in secular growth industries.

Strategy Overview

As of September 30, 2026

Strategy Inception

October 1, 2015

Primary Benchmark(1)

Bloomberg Midcap Growth Index

Active Management

97% active share

ESG Integration(2)

PRI Signatory

Concentrated Portfolio

25 holdings

Median Market Cap

$17.1 billion

(1) Please see “additional information” for important disclosures.

(2) Investing in securities that meet ESG criteria may result in the fund forgoing otherwise attractive opportunities, which may result in underperformance when compared to funds that do not consider ESG factors.

Q2 2026 – Spyglass Investor LetterQ2 2026 – Spyglass Growth Strategy Fact Sheet

Please note:  Q3 2026 investor letter and fact sheet are expected to be posted on October 22 or October 23.

Performance

Composite net-of-fee returns as of September 30, 2026

Period Spyglass Growth Strategy Bloomberg Midcap Growth Index
Q3 2026 -6.89 -4.81
1 Yr -11.75 5.07
3 Yr 20.15 14.99
5 Yr 0.58 5.66
10 Yr 13.16 11.53
Since Inception 11.67 11.57

Return information is supplemental to the GIPS© compliant presentation, the Mid-Cap Growth Composite. 3 Yr, 5 Yr, 10 Yr, and Since Inception performance is annualized. Performance results achieved after December 31, 2025 have not yet been independently verified. Past performance does not guarantee future results. Performance of the Bloomberg Midcap Growth Index is included for informational purposes only and includes the reinvestment of dividends. Data source: Bloomberg. Spyglass Growth Strategy inception date was October 1, 2015.

Data source for Bloomberg Midcap Growth Index returns: Bloomberg.

GIPS Compliance and Verification Status. Spyglass Capital Management, LLC (Spyglass) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Spyglass has been independently verified solely for the periods October 1, 2015 to December 31, 2025. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Policies for valuing portfolios, calculating performance, GIPS Reports and a listing of composite descriptions are available upon request.

Firm Information. Spyglass is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.

Composite Description. The Mid-Cap Growth Composite contains all fee-paying, discretionary accounts that are managed according to Spyglass’s singular core strategy. The Mid-Cap Growth Strategy invests primarily in U.S exchange traded equity securities in the mid-capitalization classification ($2 billion – $12 billion) and seeks long-term capital appreciation while incurring a low risk of permanent capital loss. The strategy uses a concentrated and low turnover investment approach, and seeks to identify and invest in high-quality growth-oriented companies trading at discounts to Spyglass’s assessment of their intrinsic value. Spyglass has determined the most appropriate benchmark for the composite is the Russell Midcap Growth Index. The Mid-Cap Growth Composite was created in 2018; its inception date is October 1, 2015. From October 1, 2015 to December 29, 2017, the composite is composed solely of an equity partnership fund. Spyglass’ managing member and CIO served as portfolio manager for this fund. From December 29, 2017 to April 30, 2018, the composite is composed solely of the successor equity mutual fund subsequent to the tax-free exchange of the partnership fund to the equity mutual fund. Subsequent to April 30, 2018, the composite also comprehends all discretionary separately managed accounts resident for the entire period of presentation. The strategy and portfolio manager for the term of the composite were the same. For periods after May 1, 2018, the composite is composed of the mutual fund, its predecessor partnership and separate accounts. Currently, the assets in the mutual fund comprise a significant majority of the composite’s assets.

Fee Schedule. Spyglass’ proforma annual asset-based management fee schedule is 1%. Gross performance results do not reflect the deduction of Spyglass’ investment advisory fee which lowers a client’s total return. Gross of fees returns are calculated gross of management, fund administration, and custodial fees and net of transaction costs. Net of fees returns are calculated by deducting the monthly-equivalent amount of Spyglass’ highest applicable annual management fee of 1.00% (“Model Net Fee”), as described in the firm’s Form ADV, Part 2A from the monthly composite gross return.

Reference Index Disclosure. The Bloomberg Midcap Growth Index measures the performance of the mid-capitalization growth sector of the U.S. equity market. The index is market-value weighted. Index figures reflect the reinvestment of dividends. Index figures do not reflect deductions for any fees, expenses, or taxes. Investors cannot invest directly in an index. Spyglass has licensed the right to present the Bloomberg data.

Other. All returns presented in the table (including the Reference Index) include the reinvestment of dividends. Valuations are computed and performance is reported in U.S. dollars.

Disclosures Regarding Performance Calculations. The net performance results reflect the reinvestment of dividends and other earnings and the deduction of actual costs and expenses, a periodic management fee charged to the investor as defined in the offering materials. The Strategy’s performance results are based on the calculations prepared, in part, by independent fund administration organizations or published custody statements for separately managed accounts adjusted for management fees. Certain performance results themselves were prepared by Spyglass and have not been reviewed by any third party. Future investments will be made under different economic conditions and in different securities. The performance discussed herein reflects investment of limited funds for a limited period of time and does not reflect Spyglass’s performance in all different economic cycles. It should not be assumed that the Strategy will experience similar returns in the future, if any, comparable to those published in this or other materials prepared by Spyglass. The information given herein is historic and should not be taken as any indication of future performance. All returns presented in the table (including the reference index) include the reinvestment of dividends. Valuations are computed and performance is reported in U.S. dollars. Spyglass believes that the comparison of the Strategy’s performance to the Bloomberg Midcap Growth Index is currently the most appropriate benchmark. This may change over time. The Spyglass portfolios are more concentrated and are therefore not as diversified as the Bloomberg Midcap Growth Index. The Bloomberg Midcap Growth Index returns reflect the reinvestment of dividends as does the Strategy. Due to the differences between the Strategy and the composition of the aforementioned market index, the Bloomberg Midcap Growth Index published returns are not directly comparable to the returns generated by the Strategy. The performance is over a short time period and therefore does not reflect performance in different economic or market cycles. It is historic and should not be taken as any indication of future performance. Securities identified and described above may not be representative of the entire portfolio. It should not be assumed that recommendations in the future will be profitable or will equal the performance of the securities in this list. The information contained in this report is for informational purposes only and should not be deemed investment advice. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance quoted. For performance data current to the most recent month end, please contact us.

Performance of the Bloomberg Midcap Growth Index is included for informational purposes to show the general trend in the midcap equity market for the periods indicated and is not intended to imply that the portfolio is similar to the index either in composition or element of risk. The volatility of an index may be materially different from the performance of the Strategy. The Bloomberg Midcap Growth Index is an unmanaged stock market index that measures the performance of its respective component companies. Investors cannot invest directly in an index. Index performance does not reflect trading commissions and costs. Due to these differences, comparison to an index should not be relied upon as an accurate measure of comparison.

Portfolio Characteristics

As of September 30, 2026

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Portfolio Characteristics Spyglass Growth Strategy Bloomberg Midcap Growth Index
33 xj 17/07/2026 02:52 PM xj 09/10/2026 03:23 PM Weighted Avg Market Cap ($bn) 32.7 32.3
34 xj 17/07/2026 02:52 PM xj 09/10/2026 03:23 PM Median Market Cap ($bn) 17.1 13.2
35 xj 17/07/2026 02:52 PM xj 09/10/2026 03:24 PM Number of Holdings 25 564

Portfolio Market Cap Exposure

As of September 30, 2026

Portfolio Weights     As of September 30, 2026

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Industry Spyglass Growth Strategy Bloomberg Midcap Growth Index
180 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Communication Services 7.6 3.6
181 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Consumer Discretionary 12.1 9.3
182 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Consumer Staples 0.0 1.9
183 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Energy 0.0 2.9
184 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Financials 14.1 7.8
185 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Health Care 8.8 14.9
186 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Industrials 19.9 23.0
187 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Information Technology 31.9 25.2
188 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Materials 0.0 3.0
189 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Real Estate 4.7 6.2
190 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Utilities 0.0 2.2

Top 10 Holdings

As of September 30, 2026

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Security Weight
161 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Affirm Holdings, Inc. 6.31%
162 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM AAON, Inc. 6.15%
163 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Credo Technology Group Holding Ltd 6.05%
164 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Samsara Inc. 5.42%
165 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM AppLovin Corporation 5.37%
166 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM CoStar Group, Inc. 4.70%
167 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Illumina, Inc. 4.38%
168 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM QXO, Inc. 4.38%
169 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM Global-e Online Ltd. 4.33%
170 xj 09/10/2026 03:21 PM xj 09/10/2026 03:21 PM DoorDash, Inc. 4.20%

Contact Us

SPYGLASS CAPITAL MANAGEMENT, LLC
100 Drakes Landing Road, Suite 190
Greenbrae, CA 94904
(415) 318-2366
info@spyglassfunds.com

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